I have an idea for a good company that would work well in any country but Thailand is one I'm very fond of. However I think my head would tell me that I should start the business in Singapore.

Can anyone sum up the pros and cons of setting up businesses in Thailand vs Singapore?

A very broad question I know but the idea has honestly just jumped into my head about 2 hours ago.

I work full time in the UK and I wouldn't just give up my job straight away. The research starts here!

Depends completely on what you are doing.

If a consultancy or online something only needing a few meetings here and there then why not register your company in the most tax efficient off shore location and just rent virtual office space where ever it makes sense; live in Thailand for cheap and sanook , then just easy flight hop for meetings + flexible visa , regulation, location of residence etc etc

google lionsworld from Singapore. I used their service and costed <1k SGD

Have a look at this thread, I gave some personal insight along with other members. I think you will find it directly applicable to your situation.

1° It all depends of the capital you are ready to invest. If it is at least 10 million THB, you may go for the BOI "Regional Operating Headquarters". That would guarantee you 10 yrs corporate income tax free and dividends free of withholding tax. This form of company is not subject to the requirement of having a majority of thai shareholders. Otherwise, indeed you are subject to 23 % CIT, and at least 10 % WHT on dividends, depending on the tax treaty.

2° Singapore companies are very interesting if your business is offshore (beware then of the UK for the risks of permanent establishment!). The thai tax authorities are not very interested to permanent establishments, as long as the activities do not target in any manner thai customers. The one issue I can see is the requirement to have a local resident director, but there are many hosting companies that will be happy to provide you with this service. CIT is of 17 % only, WHT nil.

3° As long as you are a UK resident and have all of your personal links there, you are typically a UK tax resident, so all of your income will most likely have to be declared over there, no matter from where it originates or its type (salary, dividends, etc).